TELL US YOUR HOUSING DREAMS, WE CAN HELP MAKE THEM REALITY

• Build or buy a home
• Purchase a vehicle, home furnishings and appliances
• Do some home Repairs or renovations
• Switch your mortgage at another financial institution  to NCCU

Features & Benefits

Save Money

• Fixed interest rate of 5 -6.5% per annum on the reducing balance on a mortgage loan
• Interest rate of 6.5% per annum on loans for a vehicle, furnishings & appliances
• No processing and commitment fees. No hidden charges

Note: Alternative Energy Loans are available for purchasing solar panels and water heaters and installing LED lamps at a special Interest rate of 6% per annum.

Flexible

• Up to 30 years to repay
• Borrow funds to build or buy a dream home as well as a vehicle, furnishings & appliances

REQUIREMENTS

Visit ANY NCCU Branch and meet with an NCCU loans officer to find out how much you can afford to borrow based on your housing dreams.

General Items needed:

• Resident Members: a minimum of 2.5 – 5% of the loan request in savings or deposits (we can work with you to meet this requirement).
• Non-resident members: 15% of the loan request in savings or deposits (open to negotiation)
• Shares based on the amount of loan
• Employed persons: Pay-slip or salary statement from your employer for the last 2 months
• Self-employed persons: Financial statements of business for the past 2 years
• Valid photo identification e.g. Social Security card, passport, driver’s license
• Details of your liabilities and commitments (loans, hire purchase, household expenses)
• If the approved loan is $77,000 and more or if you are 50 years and older, a medical examination by an licensed medical doctor is necessary for loan protection coverage

Constructing

Is your land surveyed and registered? Are utilities readily available in the area?

• Copy of the Certificate of Title (or a copy) of the property upon which the building will be constructed
• A valuation of the land by a licensed land surveyor or qualified appraiser. The valuation must should have been prepared over the last three (3) years
• Building plans and valid letter of approval from the Physical Planning Division
• Detailed Bills of Quantities (cost estimates) prepared by a qualified appraiser, acceptable to NCCU, no more than six (6) months before the date of the loan application
• Tender for a contractor (full or labour only). Ask for references, check them and select a contractor

Purchasing

• Letter of intent to sell from the owner or vendor stating the selling price
• Copy of the registered Certificate of Title for the property to be purchased
• A recent valuation of the property prepared by a qualified appraiser, acceptable to NCCU, no more than 12 months before the date of the loan application
• Supporting documentation is required for any improvement or renovations to be done on property